Dow Jones off 678 points, closes below 9,000; world markets tumble

Stock markets across the world have fallen dramatically as worries that recent government moves might not prevent a global recession. The largest drop was with the the Dow Jones (DJIA), which fell 678 points, or more then 7.3%, to below 9,000 to close at 8,579.19. The index has fallen over 2,000 points in the past nine days to reach its lowest level since 2003. The S&P 500 was down more than 7%. The U.S. markets opened on the positive side, but with bad news coming from several different areas such as whether or not the 700 billion USD bank bailout bill passed by the United States House of Representatives and the Senate is working or will work. Concerns over the lack of trading within the credit market is one of the main reasons for the drop. This is the seventh straight day of markets closing in severely negative numbers.... [read full story]                    

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